NEW YORK - The European Central Bank announced its Governing Council cut interest rates 25 basis points at its latest monetary policy meeting Thursday.
The minimum bid rate on variable-rate refinancing operations was dropped to 1.25% from 1.50%, the marginal lending rate was cut to 2.00% from 2.25% and the deposit rate, the floor for euro money market rates, was slashed to 0.50% from 0.75%.
The quiet in the muni market is likely due to geopolitical uncertainties, according to Cooper Howard, director of fixed income strategy at Charles Schwab.
U.S. District Judge Laura Taylor Swain ordered the parties in the PREPA bankruptcy to focus on the bondholders' accounting counterclaim.
The veteran underwriter said he's excited about joining a smaller, more focused firm, where he can once again expand its competitive bidding capabilities.
Dealer inventories hit $8.8 billion in unsold variable rate bonds as of noon, Eastern, Tuesday, rising sharply over the past week, said Rick White, an independent consultant with more than 25 years in the industry.
Kevin Warsh's financial disclosures show significant wealth, likely well-over $100 million, beyond that of even Federal Reserve Chairman Jerome Powell, who came from the private equity world.
A temporary injunction issued Monday blocks the removal of minority- and women-owned firms from the state's Historically Underutilized Businesses program.
